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The California Department of Financial Protection and Innovation recently released its 2021 Annual Report on the Operations of PACE Lenders, Brokers, and Administrators Licensed under California Funding Act. The DFPI reports an increase of almost 12% in the number of licensees from 3,886 to 4,340. Interestingly, about 6% of licensees, or 454, have not filed the required annual report.
With respect to commercial lending, the DFPI noted the following highlights:
- The number of commercial loans issued in 2021 increased by 8% to 762,253 from 706,228 in 2020. The total principal amount of commercial loans increased by 33.5% over the same period, from 160.4 billion to $214.2 billion.
- The number of online commercial loans issued in 2021 increased by 3% to 37,110 from 36,016 in 2020. The total principal amount of online loans increased by 39.1% over the same period, from $2.4 billion to $3.4 billion.
The following table summarizes some of the data included in the report regarding the number of licensees, licensed locations, and new applications:
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